Asking for additional rent than listing / updating rent request.

[Antonia Taylor]

Hello, I’m currently listing a 1 bedroom/ 1 bathroom apartment which is connected to our house with a separate entrance.

My listing has generated a lot of interest, but I’m thinking I may have lowballed my rent amount.

The apartment was occupied by my mother in law up until last month when she passed away and we need to fill the vacancy as soon as possible.  There are other apartments similar in the neighborhood which are smaller (about 450 sq ft. Vs. 700 sq. ft).  One rented last month for $1,350.00 one is listed currently for $1,500.

I initially listed the apartment as $1350.00, but with the amount of interest I’ve had I’m wondering if I listed too low.

Would it be wrong to update to a higher price?  

[Kevin Sobilo]

@Antonia Taylor, generating a lot of interest is good but doesn't mean in and of itself that the price is too low.

Here is something shocking as well. Comparable rent prices aren't always a clear indication of market rent either.

For example if that comparable rental has someone break their lease 6 months in and then the next tenant only stays 1 year then that means 2 additional turnover/vacancies within 2 years over a single tenant staying 2+ years! That probably means losing at least 2 months rent over that period.

Compare that to someone who uses a lower price to help keep tenants on average 2+ year.

So, keep that in mind when you see higher rent prices. If they have MORE turnover, they might actually be making LESS money than a rental charging less rent.